Cryptocurrency experts predict bitcoin’s growth to $ 63,000

Experts from Matrixport predict that the value of the flagship cryptocurrency may rise to $ 63,000 ahead of the next halving, which will take place in the spring of 2024. They noted the trend that the BTC rate mostly reaches a price bottom and starts to rise 15 months before the event.

Markus Thielen, Head of Research and Strategy at Matrixport, is almost 100% confident in this forecast. According to him, the BTC rate will repeat the bullish price movement observed on the eve of the halving in July 2016 and in April 2020. In both cases, bitcoin started to gain in value 15 months before the halving and at the time of the event, it was trading 39% higher on average than two years before.

Thus, the bull market could start as early as November 2022, and by March 2024, the BTC rate will be approximately $ 63,160, which is 39% higher than the price in March 2022 — $ 45,538. However, the expert emphasized that past performance is not an absolute guarantee of future success. Macroeconomic factors can seriously adjust the market situation.

According to Thielen, there are signs that China will soften its rhetoric on cryptocurrencies. Hong Kong may legalize retail trade in virtual assets to become the main center of digital finance in the Asian region. In addition, China is actively looking for an alternative to the US dollar-based financial system.

Recently, we reported that Michael van de Poppe, a cryptocurrency analyst and founder of Eight, predicts that bitcoin will rise to $ 30,000 in November. However, the expert’s opinion is not shared by all his colleagues in the industry, as Peter Brandt predicted that the flagship cryptocurrency would fall to $ 13,000. However, Brandt is convinced that after such a collapse, bitcoin will reach a new historical high.